Software and technology provider SunGard has launched Loanet Automated Rebate Collection service to help securities finance, operations, trading and technology professionals efficiently manage the collection and settlement of rebates from firms borrowing or lending securities.
The system complements its Loanet suite of securities finance technologies, and eliminates separate maintenance of records by the borrower and the lender.
The newly introduced system automatically sources rebates for matched payments, schedules their settlement, and extracts and reports rebate collection data, thus streamlines the process of conciliation for both matched and disputed rebates.
Its optional modules automatically update general ledger systems for rebate payments, write-offs and adjustments, while its easy work flow allows users to research and negotiate any discrepancies with their counter-parties, according to SunGuard.
The system has been designed to offer a full audit trail of all activities related to the negotiation and settlement of rebate charges, by integrating all rebate collection and payment information.
SunGard serves more than 25,000 customers in over 50 nations, delivering broad portfolio applications for financial services, insurance, energy and corporate treasurers.